Business managers in all organizations, both large and small, are tasked with ma

Question

Business managers in all organizations, both large and small, are tasked with making prudent decisions and designing strategies that will maximize profit, cut costs, enhance revenue, promote efficiency, and contribute to the firm’s overall goals and mission. In the midst of a multitude of facts, data, and statistics, what fundamental economic models and analytic methods can managers employ to make sense of how market forces affect opportunities and constraints? How do market forces affect industries differently?

Explanation / Answer

Business managers both in large and small have to take prudent decisions regarding strategies which will maximize the profit. The following are the economic models and analytical methods that make market forces affect opportunities and contraints are:

1. Price determination

2.supply and demand

3. market organization

4. costs

Major market forces are :

1. Government

2. International transaction

3. speculation and expectations

4. supply and demand

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